Alltel is a strategic asset with regard to its wireless business and balance sheet. The same applies to Sprint.

Alltel is a strategic asset with regard to its wireless business and balance sheet. The same applies to Sprint as it partners with the cable companies. Qwest likely stays intact for the intermediate term, but is generating cash and has operational momentum.

We estimate that the directories business will be able to generate a substantial amount of cash, even in a relatively high-leverage type structure.

The business outlook for wholesale transport, IP services and consumer voice-over-IP remains opaque. But Level 3 now has more time.

We still believe it's very expensive. It's not a great business case. But we have to balance the market pull with regulatory requirements.

There is a lot of business and balance sheet restructuring to be done that would benefit from being away from the public eye but, once complete, the price is a compact, good quality, highly cash generative company.